London Stock Exchange Monthly Market Report For May 2003 - SETS Volumes Continue To Rise

The number of trades on SETS™, the London Stock Exchange's electronic order book, increased to 2.53 million in May 2003, 47 per cent higher than the 1.72 million trades in May 2002. The value traded on SETS decreased by six per cent to £55.5 billion in May 2003, down from £59.2 billion in May 2002. There were 20 business days in May 2003 compared with 22 in May 2002.

The average daily number of trades on SETS was 62 per cent higher at 126,328, up from 78,123 in May 2002. SETS achieved a 64.4 per cent share of eligible trades by value in May 2003, compared with 59.8 per cent in May 2002.

The total number of UK and international trades on the Exchange in May 2003 was 4.43 million, up from 4.22 million in May 2002. The average daily number of trades was 221,463 in May 2003, up from 191,916 in May 2002, an increase of 15 per cent. The average daily value of these trades decreased from £20.3 billion in May 2002 to £13.9 billion in May 2003.

On the primary market there were 11 new issues during May 2003, 3 of which were IPOs on AIM, raising £398 million between them. This compares with 19 IPOs in May 2002 - 6 on the Main Market and 13 on AIM. Northumbrian Water Group Plc joined AIM on 23 May 2003, raising £389 million and becoming the biggest IPO in AIM's history.